In meeting the opportunities and challenges of a slowly recovering life and investments market, our financial advisers have continued to contribute to the growth of Co-operative Financial Services (CFS). The convergence of the CIS and The Co-operative Bank sales and service operations towards a single ethos and culture has progressed at an encouraging pace. Most importantly, as the debate over the future structure of the financial services industry continues, our financial advisers demonstrate the value of giving customers personalised advice.
Our face-to-face financial advisers have worked effectively on the introduction of a number of new products, aimed at the lower-risk or capital-protected segments of the savings and investment market, such as the Guaranteed Stock Market Deposit Bond.
We have also invested significant time and resources in both the customer and sales management processes, resulting in more efficiency and cost savings.
CIS' Insurance Sales division is playing its part in ensuring that face-to-face advice integrated effectively with other service channels. In Manchester and Belfast, CIS financial advisers are now co-located within Co-operative Bank branches. All Co-operative Bank branches can now introduce the advice services of CIS financial advisers to their customers.
In addition to developing our sales and service to CIS, Co-operative Bank and co-operative movement customers, at the end of 2003 we finalised a partnership agreement with the AA, the UK's largest independent general insurance broker. This means that, from 1st January 2004, motorists contacting the AA for insurance will be offered a CIS policy if it is best for price and cover, extending the means by which CIS can deliver motor insurance to a wider customer base.
